Microvast

Last updated
Microvast Holdings, Inc.
Company type Public
Nasdaq:  MVST
ISIN US59516C1062
IndustryAutomotive Li-ion Batteries, Energy storage systems
Founded2006;18 years ago (2006)
Headquarters
Stafford, Texas
,
U.S.
Key people
Yang Wu (CEO)
Revenue US$306.6 million (2023)
Website microvast.com OOjs UI icon edit-ltr-progressive.svg

Microvast Holdings, Inc. is a battery technology company headquartered in Stafford, Texas, and publicly traded on the NASDAQ Stock Exchange. It designs, develops and manufactures battery components and systems primarily for electric commercial vehicles and utility-scale energy storage systems (ESS). Microvast has manufacturing facilities in the United States, China, and Germany.

Contents

History

Microvast was founded by Yang Wu in 2006 [1] in Houston, Texas, along with its Chinese subsidiary, Microvast Power Systems (Chinese :微宏动力系统) in Huzhou, China. [2] It introduced its first generation of batteries in 2009, with manufacturing starting in 2010 in Huzhou factory.[ citation needed ]

By March, 2017, it began construction on its "Phase III" production facility in Huzhou. [3]

In 2019, the company, in a joint work with researchers from Argonne National Laboratory won a R&D 100 award for a novel "High-energy density and safe battery system". [4]

In July 2020, Microvast inaugurated its new Germany factory in Ludwigsfelde, with production planned to start in March 2021. [5]

On February 10, 2021, Tennessee officials and Microvast announced that the company will establish a new manufacturing facility in Clarksville to manufacture battery cells, modules and packs, with the production expected to begin in the summer of 2022. [6] [7]

On July 26, 2021, the company went public through a merger with a special-purpose acquisition company. [8]

On November 1, 2021, Microvast opened a new R&D center in Orlando, Florida. [9] [10]

Canceled federal grant

On Oct. 19, 2022 the U.S. Department of Energy released "Bipartisan Infrastructure Law Battery Materials Processing and Battery Manufacturing & Recycling Funding Opportunity Announcement", awarding US$2.8 billion to a number of public and private US companies. [11] [12] The company was awarded US$200 million to support development of a Thermally Stable Polyaramid Separator Manufacturing Plant in Clarksville, Tennessee, in partnership with General Motors. [13] [14] [15] The federal grant generated criticism from U.S. representative Frank Lucas and U.S. senator John Barrasso. [16]

In May 2023, the U.S. Department of Energy canceled the $200 million award to Microvast. [17] [18] A planned Microvast plant in Hopkinsville, Kentucky was halted as a result. [19]

See also

Related Research Articles

<span class="mw-page-title-main">Hopkinsville, Kentucky</span> City in Kentucky, United States

Hopkinsville is a home rule-class city in and the county seat of Christian County, Kentucky, United States. The population at the 2020 census was 31,180.

<span class="mw-page-title-main">Argonne National Laboratory</span> American science and engineering research laboratory in Illinois

Argonne National Laboratory is a federally funded research and development center in Lemont, Illinois, United States. Founded in 1946, the laboratory is owned by the United States Department of Energy and administered by UChicago Argonne LLC of the University of Chicago. The facility is the largest national laboratory in the Midwest.

<span class="mw-page-title-main">Johnson Controls</span> Building systems and facility management firm based in Cork, Ireland

Johnson Controls International plc is an American, Irish-domiciled multinational conglomerate headquartered in Cork, Ireland, that produces fire, HVAC, and security equipment for buildings. As of mid-2019, it employed 105,000 people in around 2,000 locations across six continents. In 2017 it was listed as 389th in the Fortune Global 500. It became ineligible for the Fortune 500 in subsequent years since it relocated its headquarters outside the U.S.

BYD Auto Co., Ltd. is the main automotive subsidiary and brand of BYD Company, a publicly listed Chinese multinational manufacturing company. It manufactures passenger battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), collectively known as new energy vehicles (NEVs) in China. It also produces electric buses and trucks.

ON Semiconductor Corporation is an American semiconductor supplier company, based in Scottsdale, Arizona. Products include power and signal management, logic, discrete, and custom devices for automotive, communications, computing, consumer, industrial, LED lighting, medical, military/aerospace and power applications. onsemi runs a network of manufacturing facilities, sales offices and design centers in North America, Europe, and the Asia Pacific regions. Based on its 2016 revenues of $3.907 billion, onsemi ranked among the worldwide top 20 semiconductor sales leaders, and was ranked No. 483 on the 2022 Fortune 500 based on its 2021 sales.

<span class="mw-page-title-main">Automotive industry in China</span>

The automotive industry inmainland China has been the largest in the world measured by automobile unit production since 2008. As of 2024, mainland China is also the world's largest automobile market both in terms of sales and ownership.

<span class="mw-page-title-main">A123 Systems</span> Electrochemical battery company

A123 Systems, LLC, a subsidiary of the Chinese Wanxiang Group Holdings, is a developer and manufacturer of lithium iron phosphate batteries and energy storage systems.

LG Chem Ltd., often referred to as LG Chemical, is the largest Korean chemical company and is headquartered in Seoul, South Korea. It was the 9th largest chemical company in the world by sales in 2021. It was first established as the Lucky Chemical Industrial Corporation, which manufactured cosmetics. It is now solely a business-to-business company.

<span class="mw-page-title-main">BYD Company</span> Chinese manufacturing company

BYD Company Limited or BYD is a publicly listed Chinese multinational conglomerate manufacturing company headquartered in Shenzhen, Guangdong, China. It is a vertically integrated company that has several major subsidiaries, including BYD Auto which produces automobiles, BYD Electronics which produces electronic parts and assembly, and FinDreams, a brand name of multiple companies that produces automotive components and electric vehicle batteries.

The lithium-titanate or lithium-titanium-oxide (LTO) battery is a type of rechargeable battery which has the advantage of being faster to charge than other lithium-ion batteries but the disadvantage is a much lower energy density.

<span class="mw-page-title-main">Advanced Technology Vehicles Manufacturing Loan Program</span>

Advanced Technology Vehicles Manufacturing (ATVM) Loan Program is a $25 billion direct loan program funded by Congress in fall 2008 to provide debt capital to the U.S. automotive industry for the purpose of funding projects that help vehicles manufactured in the U.S. meet higher mileage requirements and lessen U.S. dependence on foreign oil. Of the 108 requests made, 5 were approved to receive $8.4 billion, with the majority of that amount under repayment.

<span class="mw-page-title-main">Coda Automotive</span> Former American electric vehicle manufacturer

Coda Automotive Inc. was a privately held American company headquartered in Los Angeles, California. The company designed and assembled lithium-iron phosphate (LiFePO4) battery systems for automotive and power storage utility applications, and electric cars. Miles Automotive partnered with Hafei and Qingyuan Electric Vehicle to establish Coda Automotive as an affiliate company. The name CODA comes from the musical term for the concluding passage of a piece of music. Coda Automotive has said that it chose the name because its electric vehicle technology represents an end for combustion engine vehicles, and the start of the electric vehicle era.

<span class="mw-page-title-main">Electric vehicle industry in China</span>

The electric vehicle industry in China is the largest in the world, accounting for around 58% of global production of electric vehicles (EVs) and more than 1.5 million exports in 2023. In 2023, CAAM reported China had sold 9.05 million passenger electric vehicles, consisting 6.26 million BEVs and 2.79 million PHEV. China also dominates the plug-in electric bus and light commercial vehicle market, reaching over 500,000 buses and 247,500 electric commercial vehicles in 2019, and recording new sales of 447,000 commercial EVs in 2023.

<span class="mw-page-title-main">SK Innovation</span> South Korean energy and chemical company

Ba,Innovation Co., Ltd. is an intermediate holding company of ba,Group engaged in petroleum, alternative energy, and oil exploration. It runs its business through eight major subsidiaries, including ba Energy, ba Geo Centric, ba.On, ba Enmove, ba Incheon Petrochem, ba Trading International, ba IE Technology and ba

<span class="mw-page-title-main">Automotive Energy Supply Corporation</span> Manufacturer of lithium based batteries for electric vehicles

Automotive Energy Supply Corporation (AESC) is a manufacturer of lithium ion batteries for electric vehicles established 2007 as a joint venture between Nissan, and Tokin Corporation. Since 2018 Chinese company Envision is a strong partner in the joint venture.

<span class="mw-page-title-main">CATL</span> Chinese battery manufacturer

Contemporary Amperex Technology Co., Limited (CATL) is a Chinese battery manufacturer and technology company founded in 2011 that specializes in the manufacturing of lithium-ion batteries for electric vehicles and energy storage systems, as well as battery management systems (BMS). The company is the biggest EV battery manufacturer, with a global market share of around 37% in 2023. The company is headquartered in the city of Ningde in China's Fujian province.

<span class="mw-page-title-main">Seres (automobiles)</span> Electric vehicle brand

Seres is a brand of electric vehicle marketed by Seres Group. Several of their subsidiaries are also named "Seres".

<span class="mw-page-title-main">Galactic Energy</span> Chinese aerospace company

Galactic Energy is a Chinese private space launch enterprise flying the Ceres-1 and developing the Pallas-1 orbital rockets. The company's long-term objective is to mine asteroids for rare metals and minerals.

China produced more than 15 billion units of lithium-ion batteries in 2019, which accounts for 73% of the world's 316 gigawatt-hours capacity. China is a significant producer of lithium batteries and electric vehicles, supported by government policies. Lithium-ion batteries produced in China are primarily exported to Hong Kong, the United States, Germany, Korea, and Vietnam. The electric vehicle industry significantly drives the demand for lithium-ion batteries due to their high energy density relative to their weight. In the decade since 2008, the production of lithium batteries has tripled.

References

  1. ↑ "About Us". Archived from the original on 2021-07-05. Retrieved 2021-07-01.
  2. ↑ "微宏动力系统（湖州）有限公司" (in Chinese). Archived from the original on 2021-01-28. Retrieved 2021-02-14.
  3. ↑ Bebon, Joseph (October 10, 2017). "Microvast Launches Next-Gen Batteries for Mobility Applications". Archived from the original on June 23, 2021. Retrieved February 12, 2021.
  4. ↑ "Argonne and partners take home nine R&D 100 Awards in 2019 | Argonne National Laboratory". www.anl.gov. 29 October 2019. Archived from the original on 26 February 2021. Retrieved 12 February 2021.
  5. ↑ "Microvast completes battery factory in Brandenburg". electrive.com. July 3, 2020. Archived from the original on December 1, 2020. Retrieved February 11, 2021.
  6. ↑ Settle, Jimmy. "Clarksville lands $220 million Microvast plant; expected to bring 287 direct jobs". The Leaf-Chronicle.
  7. ↑ "Project Hertz: How Clarksville flipped brake plant loss into Microvast's $220M electric vehicle battery factory". Archived from the original on 2021-02-27. Retrieved 2021-02-26.
  8. ↑ "Microvast completes IPO by merging with Tuscan". 27 July 2021. Archived from the original on 29 July 2021. Retrieved 29 July 2021.
  9. ↑ "Battery Tech Firm Microvast Opens New R&D Facility in Orlando, Creates 100 New High-Wage Jobs". November 2021. Archived from the original on 2021-11-02. Retrieved 2021-11-03.
  10. ↑ "Electric battery manufacturer Microvast to move into new Lake Mary facility 'immediately'". Archived from the original on 2021-11-03. Retrieved 2021-11-03.
  11. ↑ "Bipartisan Infrastructure Law Battery Materials Processing and Battery Manufacturing & Recycling Funding Opportunity Announcement (DE-FOA-0002678) Selections" (PDF). Archived (PDF) from the original on 2022-10-21. Retrieved 2022-10-24.
  12. ↑ "Fact Sheet: Biden-Harris Administration Driving U.S. Battery Manufacturing and Good-Paying Jobs". The White House. 2022-10-19. Archived from the original on 2022-10-24. Retrieved 2022-10-24.
  13. ↑ Foster, Jake (October 21, 2022). "Microvast gets $200 million federal grant to build second battery plant in Clarksville". ClarksvilleNow.com. Archived from the original on 2022-10-24. Retrieved 2022-10-24.
  14. ↑ "Microvast may add 700 jobs in Clarksville". The Leaf-Chronicle. Retrieved 2022-10-24.
  15. ↑ "What They Are Saying: State, Local And Climate Leaders Grateful And Excited About Biden-Harris Administration Funding To Invigorate U.S. Battery Manufacturing". Energy.gov. Archived from the original on 2022-10-23. Retrieved 2022-10-24.
  16. ↑ Shepardson, David (2022-12-07). "Republican lawmakers criticize U.S. grant to battery company with China ties". Reuters . Archived from the original on 2022-12-09. Retrieved 2022-12-09.
  17. ↑ "Microvast eyes options after US energy dept cancels $200 mln grant". Reuters . 2023-05-24. Archived from the original on 2023-05-24. Retrieved 2023-05-24.
  18. ↑ Daly, Matthew (2023-05-23). "Energy Dept. rejects $200M grant to battery maker after GOP criticism over alleged ties to China". Associated Press . Archived from the original on 2023-05-23. Retrieved 2023-05-24.
  19. ↑ Brown, Jennifer (2023-06-09). "Microvast EV battery plant in Hopkinsville in doubt after federal agency halts $200 million grant". WKMS-FM . Archived from the original on 2023-06-26. Retrieved 2023-06-26.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.